Nigeria’s Unemployment Rate Soars to 5.0% in Q3 2023: National Bureau of Statistics Report Reveals Significant Rise from Q2 2023

“Nigeria’s Unemployment Rate Jumps to 5.0% in Q3 2023: NBS Report Highlights Worrying Trend of Rising Joblessness”

The National Bureau of Statistics (NBS) has revealed in its ‘Nigeria Labour Force Survey Q3 2023’ report that the country’s unemployment rate surged from 4.2% in Q2 2023 to 5.0% in Q3 2023, marking a significant increase of 0.8%. This alarming rise underscores the challenges facing the nation’s workforce. The report further highlights a decline in the labour force participation rate among the working-age population, dropping to 79.5% in Q3 2023 compared to 80.4% in Q2 2023. Additionally, the combined rate of unemployment and time-related underemployment rose to 17.3% in Q3 2023 from 15.5% in Q2 2023, indicating a growing struggle for adequate employment opportunities. With specific breakdowns revealing concerning figures, such as a 7.8% unemployment rate among individuals with post-secondary education and an 8.6% rate among youth aged 15-24 years, the report paints a worrying picture of the country’s economic landscape.